according to a survey at RBC Capital, which reaffirmed an Outperform rating on the stock. Shares gained nearly 2%.
StreetInsider reported RBC Capital analyst Mark Mahaney said the survey found Pandora is the consumer's favorite, surpassing traditional radio and CDs in consumer preference for the first time. Mahaney said 58% of those surveyed were extremely or very satisfied with the Internet radio service, which lets users customize their play lists.
RBC also reiterated a $35 price target on Pandora, StreetInsider said.
The survey also found Spotify was growing as a competitor to Pandora, while YouTube, iHeart Radio and ITunes Radio have flat-lined.
In late morning trade, P was up 1.94% to $19.69.
Price: 19.69, Change: +0.38, Percent Change: +1.94
